Whales Are Eyeing These Altcoins Amidst Recent Crypto Market Crash
The global crypto market cap is back to trading below $1 trillion. This dip has been led by Bitcoin and Ethereum, which are hovering around $18,000 and $1300, respectively. However, there are a few altcoins that have attracted traders and investors who have bought the dip.
The analytics firm, Santiment, has provided a list of a few altcoins that are currently witnessing a sudden gain in social media interest even though the overall market is flashing bear signals.
As per their reports, Ethereum (ETH), XRP, Cardano (ADA), Shiba Inu (SHIB), and Polygon (MATIC) are the talk of the online space at the moment. Market participants are turning their attention toward these assets in particular and seem determined to buy the dip.
#Crypto markets have obviously taken a big hit over the past week, but it's interesting to see where social interests have shifted. $ETH, $XRP, $ADA, $MATIC, and $SHIB have increased in discussions, while most other assets are being discussed far less. — Santiment (@santimentfeed) September 19, 2022
On the other hand, while these altcoins have risen in popularity, the survey claims that the social trends are suggesting that a few others are still discussing whether to buy the dip or not.
The firm says that last week before the CPI was released, the traders claimed that they had bought the dip, but now after the release of CPI and the continued bear market, people are skeptical once again.
The #buythedip birds are chirping after prices have faded. Last week, just before the #CPI report crash, traders were bragging that they had bought the dip. Now there is legitimate polarization on whether to do it again. What a difference a week makes. — Santiment (@santimentfeed) September 19, 2022
The Whale Activities
Santiment also discussed the whale activities and says that the large addresses are leaning more towards Aave (AAVE), a decentralized lending and borrowing platform.
The firm explains that the addresses that hold between 1,000 and 1 million AAVE in their wallet have increased by nearly 54.5%, marking the highest of all time.
As per the above reports, it’s just not Aave, whales are also moving towards Chainlink (LINK) from the addresses holding between 10,000 to 1 million LINK has raised by 3%
Conversely, it’s important to note that the whales are moving away from Litecoin (LTC), Chiliz (CHZ) and OMG Network (OMG).Source